The total cost of making one model of the S 4 with 16 gigabytes of flash memory, including components as well as manufacturing cost, comes to $244, 15% more than the S III and 17% more than Apple Inc.’s iPhone 5 with 16 gigabytes of memory, IHS said.

IHS attributes the higher cost to the new phone’s upgraded specifications.

“Among the upgrades are a larger, full high-definition display; a beefed-up Samsung processor; and a wealth of new sensors that set a record high for the number of such devices in a smartphone design,” said IHS senior analyst Vincent Leung in a statement.

Samsung unveiled the Galaxy S4 earlier this month. The new flagship smartphone debuted as the Korean technology giant tries to undermine Apple’s solid position in the high-end segment. Samsung’s extravagant launch event in New York for the S4 was part of its efforts to challenge Apple on its home turf.

Still, Samsung’s shares declined after the Galaxy S4 launch, as investors were concerned that the much-hyped flagship phone didn’t quite offer the level of surprise they had been hoping for. It has also become more difficult for smartphone makers to differentiate hardware specs.

“The S4 may seem to be an evolutionary product rather than a revolutionary one, but it offers many incremental upgrades that, when combined, could make a big difference,” said Sanford C. Bernstein analyst Mark Newman. “It does raise the bar for upcoming products from its competitors,” such as Apple’s next iPhone, Mr. Newman said.

With the higher bill of costs, the key will be how Samsung prices its phone. The company hasn’t disclosed how much the new smartphone will cost, but said it would be launching it in April in 155 countries.